ISLAMABAD: Prime Minister Shehbaz Sharif on Saturday described Pakistan’s small and medium enterprises (SMEs) as the backbone of national economy, issuing directives to take necessary measures to integrate them into the global supply chain, according to a statement from his office.
Pakistan has been striving to attract foreign investment as it recovers from a prolonged economic crisis characterized by a tough balance of payments situation, dwindling foreign currency reserves and a depreciating national currency.
While the government has signed various agreements with close allies and sought to promote business-to-business partnerships to drive growth, Sharif recently noted that foreign investment would remain elusive without first strengthening domestic investment.
“Small and medium enterprises are the backbone of the economy,” he said while presiding over a meeting in Lahore to evaluate the SME sector, according to the statement. “Comprehensive steps are needed to make Pakistani industries a part of the global supply chain.”
The prime minister received a detailed briefing on the operations of the Small and Medium Enterprise Development Authority (SMEDA) and was told its board of directors had been constituted and had started holding regular meetings.
“The process of hiring international-standard experts for the development of the SME sector has been initiated,” the official statement said.
“The State Bank of Pakistan has also instructed banks to simplify and streamline the loan application forms for SMEs,” it added.
The meeting was also informed that authorities were in the process of gathering data on SMEs across Pakistan to enable informed decision-making for the sector.
Pakistan PM calls SMEs ‘backbone’ of national economy, seeks steps for their global integration
https://arab.news/ytk7h
Pakistan PM calls SMEs ‘backbone’ of national economy, seeks steps for their global integration
- The government has initiated the process of hiring experts for the development of the SME sector
- State Bank of Pakistan has also directed banks to simplify the loan application process for SMEs
Pakistan stock market crosses 120,000-mark amid cautious trading ahead of budget
- KSE-100 index surged 636 points or 0.53 percent to reach at 120,285.54 during intra-day trading
- The South Asian country is set to unveil its federal budget for the fiscal year 2025–26 on June 2
ISLAMABAD: The Pakistan Stock Exchange (PSX) continued an upward trajectory and surpassed the 120,000-point mark during intraday trading on Monday, stock analysts said.
The KSE-100 index surged by 636 points, or 0.53 percent, to reach at 120,285 points during the intra-day trading at around 10am on Monday.
The market recorded a historic comeback last week following the Pakistan-India ceasefire brokered by US President Donald Trump which proved to be a relief for investors.
But analysts attributed Monday's slightly "slower" activity to cautious investors ahead of the upcoming budget in June.
"The KSE100 has started the week on a muted note, which is reflecting in slower trading activity," Raza Jafri, head of Intermarket Securities, told Arab News.
"It is possible that investors are waiting for the FY26 Budget, expected in early June, before they become more active."
Pakistan is set to unveil its federal budget for the fiscal year 2025–26 on June 2, being formulated under stringent conditions of the International Monetary Fund (IMF).
Tensions between India and Pakistan spiked this month after New Delhi launched missile strikes on multiple locations in Pakistan, blaming Islamabad for a deadly Apr. 22 attack in Indian-administered Kashmir that killed 26 tourists. Pakistan has denied involvement.
The crisis triggered a 12 percent decline at the Pakistani stock market from Apr. 23 till May 8.
However, the market recovered nearly all of its losses last week, climbing more than 3,500 points.
Fire erupts in Islamabad’s Margalla Hills, containment efforts underway
- The blaze erupted near Saidpur Darra, Jungle Number 15 and Rumli areas
- Over 70 firefighters are participating in the operation to put out the blaze
ISLAMABAD: A wildfire erupted in the Margalla Hills in the Pakistani capital of Islamabad on Monday, the Islamabad district administration said, with efforts underway to put out the blaze.
The Margalla range, part of the Himalayan foothills, often experiences bushfires in the summer months. Last year, several incidents of forest fire were reported at the hills as various parts of the country remained in the grip of intense heatwaves.
On Monday, a fire broke out near Saidpur Darra, Jungle Number 15 and Rumli areas on the hills, prompting an immediate response from the Capital Development Authority’s (CDA) fire brigade and officials of the district administration.
“More than 70 firefighters are participating in the operation to control the fire,” the district administration said in a statement.
“The fire was brought under control once, but it broke out again.”
No casualties or property damage have been reported in the wake of the fire, according to authorities.
The cause of the fire has yet to be determined.
“The fire will be brought under control again soon,” the district administration added.
Death toll from IED blast in Pakistan’s southwest rises to four
- Pakistan has been battling a separatist insurgency in Balochistan for decades
- The attack comes days after four paramilitary troops were killed in the province
QUETTA: At least four people have been killed and 12 others wounded in a bomb blast in Pakistan’s turbulent southwestern province of Balochistan, a security official said Monday.
An improvised explosive device (IED) was planted in a parked car in Killa Abdullah district of Balochistan, less than 100 kilometers (60 miles) from the provincial capital of Quetta.
“It seems the IED exploded before reaching its intended destination,” a local security official, Ghulab Khan, told AFP.
“All those killed are civilian passersby,” he added.
Riaz Khan Dawar, a senior local government official, confirmed the details to AFP, adding the explosion took place close to a paramilitary compound on Sunday evening.
Pakistan has been battling a separatist insurgency in Balochistan for decades, where militants target state forces, foreign nationals, and non-locals in the mineral-rich southwestern province bordering Afghanistan and Iran.
The attack came days after four paramilitary troops were killed in the province.
The Baloch Liberation Army (BLA) is the most active group in the region and often carries out deadly attacks against security forces, but the local chapter of Daesh and the Pakistani Taliban have also claimed recent attacks.
Pakistan has witnessed a sharp rise in violence in its regions bordering Afghanistan since the Taliban returned to power in Kabul in 2021, with Islamabad accusing its western neighbor of allowing its soil to be used for attacks against Pakistan — a claim the Taliban deny.
In Balochistan, separatist violence has intensified, including a March attack by ethnic Baloch militants on a train carrying 450 passengers, which sparked a two-day siege and left dozens dead.
More than 241 people, mostly security officials, have been killed in attacks since the start of the year by armed groups fighting the government in both Khyber Pakhtunkhwa and Balochistan, according to an AFP tally.
‘Brothers forever’: Pakistani military acknowledges Saudi role in truce with India
- Pakistan and India this month traded missile, drone and artillery strikes over an attack in Indian-administered Kashmir
- The conflict alarmed world leaders and friendly nations, with a Saudi minister traveling to New Delhi and Islamabad
ISLAMABAD: Pakistan’s military spokesman, Lt. Gen. Ahmed Sharif Chaudhry, has acknowledged Saudi Arabia’s role in helping secure a ceasefire with India, after the nuclear-armed neighbors exchanged heavy cross-border fire this month.
India on May 7 launched a series of strikes across the Line of Control — the de facto border that separates the Indian-controlled and Pakistani-controlled parts of Kashmir. It also hit other sites on the Pakistani mainland, targeting what it claimed were militant positions.
Pakistan retaliated with strikes on Indian military targets before the ceasefire took effect on May 10, following efforts by world powers and friendly nations, including Saudi Arabia, to quickly de-escalate the conflict.
The Kingdom’s role in mediation was “very positive and wonderful,” Lt. Gen. Chaudhry told Arab News.
Pakistan and India have fought multiple wars since their independence from British rule in 1947. Two of the wars were over the disputed region of Kashmir, which both claim in full but rule in part.
The recent escalation came days after New Delhi blamed Pakistan for a deadly attack on tourists in Indian-administered Kashmir — Islamabad denied any involvement.
As the neighbors exchanged fire, Saudi Minister of State for Foreign Affairs Adel Al-Jubeir visited both New Delhi and Islamabad. The May 10 truce was reached shortly afterward.
Saudi Arabia and Pakistan share close diplomatic and strategic relations, and the Kingdom has provided significant support to Pakistan during its prolonged economic challenges in recent years.
“The bond between the people of Pakistan and the people of Saudi Arabia is very strong, and we in the armed forces have a very close bond with the Kingdom of Saudi Arabia. And this is a relationship that is based on respect,” Lt. Gen. Chaudhry said.
“Saudis are our brothers, brothers forever.”
Six killed, one injured as family feud turns violent in Pakistan’s northwest — official
- The deceased persons included three men and three women
- Injured woman shifted to Peshawar’s Lady Reading Hospital
PESHAWAR: At least six persons were killed and a woman sustained gunshot wounds in a violent altercation between two families in the northwestern Pakistani city of Peshawar, rescue officials said on Monday.
The incident took place near the Khatko Bridge area reportedly over domestic issues, according to District Emergency Officer Ghayoor Mushtaq Khan.
The deceased included three men and three women.
“As a result of the gunfire, one woman was critically injured, while six others died on the spot,” Khan said in a statement.
It added the Rescue 1122 service responded to the emergency, provided first aid to the injured woman and transferred her to Peshawar’s Lady Reading Hospital.
Family feuds are common in Pakistan and that often violent and last for long in parts of the country where tribal customs and laws are followed by residents.
In June last year, 10 members of a family, including a two-year-old, were killed in a late-night attack in Khyber Pakhtunkhwa, police said.
